View: Top 10 highest assessed properties on Vancouver Island

The majority of property owners in British Columbia are receiving their assessments in the mail this week.

Values are determined by BC Assessment, which is the provincial Crown corporation that classifies and values all property in the province. This year they’ve determined that the value of single-family homes in Greater Victoria has risen up to 40 per cent in some cases.

Condos and townhouses have also steadily risen in price, roughly between five and 30 percent.

The highest valued property on or near Vancouver Island is James Island, owned by Seattle billionaire Craig McCaw.

The private island, located just off the east coast of the Saanich Peninsula near Island View Beach, is assessed at $53 million and comes with its own golf course.

James Island had previously been put up for sale two years ago with an asking price of $75 million.

The area that saw the largest average increase in the capital region was Oak Bay with a 31 per cent increase.

It’s no surprise that aside from James Island, Oak Bay is home to four of the top 10 highest valued properties.

Other communities making the top 10 list includes Saanich, Nanoose Bay, North Saanich, Central Saanich, and the Gulf Islands. More information on Vancouver Island Assessmentscan be found here.

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